JEDDAH/RIYADH — Saudi Arabia rose on the first day of trading Saturday after a week-long halt for Islamic celebrations. The all-share had dropped 0.39 percent in late morning trading, but rallied steadily throughout the day. Petrochemical shares dipped 0.08 percent and banking shares 0.41 percent as heavyweight Saudi Basic Industries Corp. (SABIC) dropped 0.28 percent and Al Rajhi Bank lost 0.71 percent. The Tadawul All Share gained 0.14 percent to 6,800.82 at the close in Riyadh, the highest since Oct. 20. The 152- member index has climbed 6 percent this year. Etihad Etisalat Co. (EEC), the telecommunications operator that posted a 23 percent rise in third-quarter profit, advanced 1 percent, the highest since July 2, 2006. Amana Cooperative Insurance Co. rose 7.8 percent. Stocks of National Shipping Co. (NSCSA) of Saudi Arabia, known as Bahri, gained 5 percent. The company said it will sign on Nov. 4 a fleet-merger pact with Saudi Aramco, according to a statement on the Tadawul exchange website Saturday. “The first day's trading after a long break does not give an accurate indication for the rest of the week,” Turki Fadaak, head of research at Albilad Investment Co. in Riyadh. The Saudi bourse was closed Oct. 27-31 for the Eid Al-Adha holiday. — SG/Agencies
